“Take time to check your money – and your future – is protected”

Football presenter Jeff Stelling has warned people to be on the ball and check their pension protection in a new campaign by the Financial Services Compensation Scheme (FSCS). 

Every year, the FSCS receives thousands of claims from people who have lost money from their pensions when their financial providers have gone out of business. The FSCS is the authorised body which provides compensation when a financial company fails. To raise awareness of the risks, Stelling starred in a new campaign urging people to check they have FSCS pension protection. 

Your retirement goals 

The decisions you make during your working life will impact the type of retirement you will have, the campaign spells out. One easy action you can take now is to ensure your pension pot is protected by FSCS. 

In the last five years, more than 43,000 claims were made to FSCS relating to pension losses – totalling almost £2bn. 

“One day – not just yet – I know I will retire,” Jeff says in the campaign. When that time comes, you don’t want to be left unprotected because you never got round to checking. 

Two minutes of your time 

So, how can you be sure your money is protected? “All you need to do is to search FSCS and head to their Pensions Protection Checker Tool,” Stelling says. You could do this at half-time, he suggests. Check here www.fscs.org.uk/check/pension-protection-checker. Please contact us with any questions on your pension. 

Brighter outlook for global economy as inflation eases

At times in the past two years, it seemed to some that inflation would never come down. Double-digit inflation became routine. Now, with price rises back near normal levels, optimism is returning to financial markets. 

Disinflation diaries 

Inflation has fallen well below the multi-decade highs witnessed in many countries since 2022. In response, central banks around the world now look set to ease monetary policy in the coming months. 

Indeed, some central banks, including those in emerging markets, have already started cutting rates. In recent months, policymakers in Mexico, Brazil, the Czechia, Hungary and Colombia have started, or increased, easing efforts. 

The ‘last mile’ 

As developed countries bring monetary policy back towards more normal levels, some analysts are talking about the ‘last mile’ for disinflation. 

Certainly, after a long period of high inflation, falling inflation rates are a welcome relief for many. In the UK, inflation has eased significantly from the 41-year-high of 11.1% recorded in October 2022. 

For all this optimism, however, there are some warnings that the final stretch will not be a stroll in the park. 

Bumps in the road 

In Australia, consumer price inflation rose to a five-month high in April, a figure that surprised analysts. The uptick was blamed on increases in petrol, health and holiday costs. 

Meanwhile, the International Monetary Fund (IMF) has released a Global Financial Stability Report warning that geopolitical tensions, strains in commercial real estate and debt vulnerabilities all remain acute risks for the global economy in the months and years ahead. The IMF pointed to recent evidence that disinflation may have stalled in some countries, suggesting that inflation may be persistent in some sectors. 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning. 

UK dividends – positive news 

Dividend investors have been rewarded so far in 2024, with payouts from UK shares rising by 4.9% in the first three months of the year compared with the same period in 20231. 

The data tracks dividend payouts from 900 UK companies and comes as good news for income seekers. Computershare upgraded their headline forecast from £93.9bn to £94.5bn in total payouts for 2024 – a 4.3% year-on-year increase versus the previous forecast of 3.7%. 

Most of this is likely to be driven by special dividends, which are expected to be significantly larger than in 2023. Regular dividends are predicted to be worth £89.5bn, up 1.5% year-on-year, down from 2% last year. 

What about share prices? 

While dividends rose, so did share prices. As a result, prospective yields on UK equities are around the same as a year ago at 4% on average. 

The fastest dividend growth rates so far this year have been in the airline, leisure and travel sectors, which continue to recover from the pandemic. However, according to the report, banks are likely to make the largest contribution to dividend growth in the UK for the third year running. 

1Computershare Dividend Monitor, 2024 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. 

News in Review

“With consumer demand on shaky ground, an incoming government can help business by ensuring that the UK is the most attractive place to start, grow and run a business” 

New retail data from the Confederation of British Industry (CBI) has highlighted a softening in retail sales in June, with a similar expectation for July, as “unseasonably cold weather” impacted, while “internet retail sales fell sharply too,” according to Interim Deputy Chief Economist at the CBI, Alpesh Paleja. Measuring volumes year-on-year, the CBI’s monthly retail sales balance fell to -24 in June from +8 in May. Expected sales for July indicate a reading of -9. 

Internet sales fell at a much faster pace than expected in the year to June (-45% from -6% in May). They are expected to fall again in July by -5% (year-on-year). Retailers are experiencing a reduction in orders (-14% in June from -11% in May), with expectations of a continuation in July (-16%).   

Speaking about improving consumer fundamentals, Paleja added, “With inflation now at the Bank of England’s target and real incomes rising… it is clear that households are still struggling with the legacies of the cost-of-living crisis, with the level of process still historically high in some areas. With consumer demand on shaky ground, an incoming government can help business by ensuring that the UK is the most attractive place to start, grow and run a business. This will require bold action such as delivering a holistic cross-economy solution to the UK’s overly complex business rates system, which is a particular burden for retailers. This would help to alleviate the burden of higher costs.” 

Uptick in quarterly GDP 

New UK growth data from the Office for National Statistics (ONS) shows that real gross domestic product (GDP) increased by 0.7% in the three months to April 2024, exceeding estimates of 0.6%. 

From a monthly perspective, GDP is estimated to have shown no growth during the month of April, following growth of 0.4% in March. 

The quarterly growth improvement was largely attributable to the services sector, which expanded by 0.8% in the quarter, with slightly stronger activity in the professional services, storage and transport sectors. 

Car manufacturing 

The latest UK car manufacturing statistics from the Society of Motor Manufacturers and Traders (SMMT) show a decline in units produced by 11.9% in May to 69,652 as factories prioritise ‘retooling for an electric future’. Nearly two fifths of all output in the month was attributed to electrified vehicles (battery electric, plug-in hybrid and hybrid). The SMMT expect this share to continue to grow ‘as manufacturers invest in greener product lines and technology to deliver Britain’s net zero ambitions. As countries around the world continue to compete for such investment in their own industries, the UK must do all it can to position itself ahead of the competition.’ 

Election news 

The last few days of campaigning have become more heated as parties put their case to the electorate. The ‘Gamblegate’ betting controversy has rumbled on as the number of election candidates placing bets on the timing and outcome of the election elevates.  

Rishi Sunak and Keir Starmer took part in a final televised debate before the election last week, answering audience questions on immigration, tax, Brexit, welfare and protecting women-only spaces. The Prime Minister went on the offensive, cautioning over Labour’s tax plans. In a plea to the public he professed, “If you’re not certain about Labour, don’t surrender to them.” Mr Starmer countered that Conservatives were planning “unfunded tax cuts” and people were “paying hundreds of pounds more because of the damage done to the economy.”  

With polls continuing to show a robust labour majority, a report from the Centre for Social Justice entitled ‘Breadline Britain’s Election Battleground,’ said Labour was ‘overwhelmingly’ the most popular party among Britain’s poorest people, with half of those polled supporting them in the election, an increase of 14% on 2019 data. Conservative support has tailed off from 23% in 2019 to just 15%, while 40% of the nation’s poorest voters saw the Conservatives as ‘out of touch,’ up 6% from 2019. 

Here to help 

Financial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have. 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. 

All details are correct at time of writing (3 July 2024) 

Become mortgage-ready this summer

Do you have hopes to buy? Whether you’re looking to get on, move up or down the ladder, your property dreams are possible with a little preparation. Here’s how you can get yourself mortgage-ready this summer. 

Check your credit score 

Lenders will inspect your credit report for evidence that you can meet the mortgage repayments. Check your records for free now so you have time to make any improvements. No matter where you are today, there is always an opportunity to boost your score. 

Consistency is key 

Mortgage lenders are looking for signs that you are responsible, so paying your bills on time is a great way of boosting your credibility. Any indication that you could go into debt may put off a lender, so be mindful of your outgoings, especially in the months running up to your application. 

Go through old accounts 

Consider how any inactive accounts might affect your application. It is advisable to close accounts that are out of date – particularly joint accounts with people you are no longer financially linked to. 

Register to vote 

Being on the electoral roll serves as proof of your identity and address. 

Maximise your deposit 

With high loan-to-value (LTV) mortgages available, it can be tempting to place the smallest possible deposit on a property. However, this will cost you more in the long run as your monthly repayments will be higher. Do your future-self a favour and put down any extra cash that you can. 

Seek advice 

You don’t need to navigate the mortgage market on your own. We can find options that you might not have access to, advise on schemes that could help, and assist you with the application process. 

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments 

Optimistic days ahead

This year, summer brings hope of a better financial future as inflationary pressures recede and the economy continues to grow. It could therefore be an ideal opportunity to prioritise a range of pension-related issues in order to ensure brighter days do lie ahead. 

Pension withdrawals up 

Many people have faced significant financial challenges over the last few years. Recently released Financial Conduct Authority data covering 2022/23 highlights these difficulties, with the number of pension plans accessed for the first time up by 5%. However, as recent challenges begin to ease, it is hoped that, rather than dipping into pension savings, people’s focus will increasingly return to boosting their retirement pots and sorting out other pension-related concerns. 

Expression of wishes 

One pertinent issue relates to inheritance, with research1 showing that almost half of all UK pension savers have not considered who will inherit or otherwise benefit from their retirement savings. Since April’s Lifetime Allowance changes, decisions around pension beneficiaries have become more vital due to the way such pensions are taxed on receipt. It is therefore extremely worrying that the research also found over half of respondents had not completed an expression of wishes form, with a further one in ten unaware if their forms were up to date. 

Taxing issues 

Most people appreciate the tax advantages associated with pension contributions, but what is often less well-known is their potential to pass on wealth tax-efficiently. This means pensions can play an important role in supporting loved ones after you pass away. Pensions can also be advantageously used to navigate the Child Benefit trap, as pension contributions reduce taxable income and can thereby enable some people to avoid paying the Child Benefit Charge. 

Pension conversations 

We all appreciate the importance of devoting time to our pension arrangements now to ensure we reap the benefits later. If you need help with any retirement-related issues, we can talk through your options and make sure you are maximising your pension benefits. 

1Canada Life, 2024 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. 

Economic Review – June 2024

Prospect of rate cut moves closer 

While last month once again saw the Bank of England (BoE) leave interest rates unchanged at a 16-year high, the minutes to the Bank’s Monetary Policy Committee (MPC) meeting signalled a notable change in tone and economists now view a rate cut as the most likely outcome when the MPC next convenes. 

At its latest meeting, which concluded on 19 June, the MPC voted by a 7–2 majority to maintain Bank Rate at 5.25%. For the second month running, the two dissenting voices both called for an immediate quarter-point reduction while, for the first time, some other members described their thinking as being “finely balanced.” 

The minutes to the meeting also highlighted this potentially significant shift in stance, noting that the MPC will now be looking at whether ‘the risks from inflation persistence are receding.’ The minutes concluded, ‘On that basis, the Committee will keep under review for how long Bank Rate should be maintained at its current level.’ 

Last month’s inflation statistics published by the Office for National Statistics (ONS) prior to the MPC announcement, revealed that the headline rate has now returned to its 2% target level for the first time in almost three years. In a statement released alongside the MPC decision, BoE Governor Andrew Bailey described that as “good news.” He also said that policymakers need to be sure inflation will remain low and added, “that’s why we’ve decided to hold rates for now.” 

July’s release of economic data, particularly in relation to wage growth and services inflation, is likely to prove pivotal to the next MPC decision which is due to be announced on 1 August. A recent Reuters survey, however, found that a large majority of economists now expect an imminent cut, with all but two of the 65 polled predicting an August rate reduction.  

Survey data signals slowing pace of growth 

Official data published last month revealed that the UK economy failed to grow in April, while survey evidence points to a more recent slowdown in private sector output due to rising uncertainty during the run up to the General Election. 

The latest monthly economic growth statistics released by ONS showed the UK economy flatlined in April, as most economists had predicted. Some sectors did report growth; services output, for instance, was up by 0.2%, a fourth consecutive monthly rise, with both the information and technology, and the professional and scientific industries reporting rapid expansion across the month. 

Other sectors, however, suffered a contraction, with ONS saying some were hit by April’s particularly wet weather. A number of retail businesses, for example, told the statistics agency that above average levels of rainfall had dented their trade during the month. Activity across the construction industries was believed to have been impacted by the wetter weather as well. 

More recent survey data also suggests private sector output is now growing at its slowest rate since the economy was in recession last year – preliminary data from the S&P Global/CIPS UK Purchasing Managers’ Index (PMI) revealed that its headline economic growth indicator fell to 51.7 in June from 53.0 in May, a larger decline than analysts had been expecting. While the latest figure does remain above the 50-threshold denoting growth in private sector output, it was the indicator’s lowest reading since November 2023. 

Commenting on the data, S&P Global Market Intelligence’s Chief Business Economist Chris Williamson said, “Flash PMI survey data for June signalled a slowing in the pace of economic growth. The slowdown in part reflects uncertainty around the business environment in the lead up to the General Election, with many firms seeing a hiatus in decision making pending clarity on various policies.”   

Markets (Data compiled by TOMD) 

As June drew to a close, global indices were mixed as a raft of economic data was released. Stronger-than-expected GDP data in the UK at month end fuelled speculation over the timing of interest rate cuts, while in the US, the latest inflation reading boosted market sentiment, and unemployment data came in below estimates. 

Although the FTSE 100 registered its first monthly decline in four months, the upward revision to Q1 GDP on 28 June supported sentiment around UK-focused equities at month end. The main UK index closed June on 8,164.12, a loss of 1.34% during the month, while the FTSE 250 closed the month 2.14% lower on 20,286.03. The FTSE AIM closed on 764.38, a loss of 5.14% in the month. The Euro Stoxx 50 closed June on 4,894.02, down 1.80%. In Japan, the Nikkei 225 closed the month on 39,583.08, a monthly gain of 2.85%. Meanwhile, in the US the Dow closed the month up 1.12% on 39,118.86, and the NASDAQ closed June up 5.96% on 17,732.60.  

On the foreign exchanges, the euro closed the month at €1.17 against sterling. The US dollar closed at $1.26 against sterling and at $1.07 against the euro.  

Gold closed June trading around $2,330.90 a troy ounce, a monthly loss of 0.74%. Brent crude closed the month trading at $84.78 a barrel, a gain during the month of 4.18%. The price rose during the month as indicators suggest an expanded military conflict in the Middle East, could lead to further disruption to the production of OPEC+ member Iran. 

Retail sales rebound strongly in May 

The latest official retail sales statistics revealed strong growth in sales volumes during May after heavy rain dampened activity in the previous month, although more recent survey data does suggest the retail environment remains challenging. 

ONS data published last month showed that total retail sales volumes rose by 2.9% in May, a strong bounce back from April’s 1.8% decline. ONS said sales volumes increased across most sectors, with clothing retailers and furniture stores enjoying a particularly strong rebound from the previous month’s weather-impacted figures. 

Evidence from the latest CBI Distributive Trades Survey, however, suggests May’s recovery has proved to be short-lived, with its headline measure of sales volumes in the year to June falling to -24% from +8% the previous month. While the CBI did note that unseasonably cold weather may have had an impact on June’s figures, the data certainly suggests that retailers still face a tough trading environment. 

CBI Interim Deputy Chief Economist Alpesh Paleja said, “Consumer fundamentals are improving, with inflation now at the Bank of England’s 2% target and real incomes rising. But it’s clear that households are still struggling with the legacies of the cost-of-living crisis, with the level of prices still historically high in some areas.” 

Financial challenges await new government 

Data released by ONS last month showed UK public sector debt now stands at its highest level for over 60 years, while the Institute for Fiscal Studies (IFS) has warned that the next government will face a fiscal ‘trilemma.’ 

The latest public sector finance statistics revealed that government borrowing totalled £15bn in May, the third highest amount ever recorded for that month. Although the figure was £800m higher than May last year, it did come in below analysts’ expectations and was £600m less than the Office for Budget Responsibility had predicted in its latest forecast. 

Despite this, the data also showed that public sector net debt as a percentage of economic output has now risen to 99.8%. This was up 3.7 percentage points from last May’s figure, leaving this measure of debt at its highest level since 1961. 

Analysis by the IFS has also highlighted the scale of the financial challenge awaiting whichever party wins the forthcoming General Election. The IFS said that, unless economic growth is stronger than expected, the incoming government will face a ‘trilemma,’ either having to raise taxes more than their manifestos imply, implement cuts to some areas of public spending or allow national debt to continue rising. 

All details are correct at the time of writing (1 July 2024) 

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission. 

News in Review 

“Taking the action wasn’t always easy, but we’ve got there and inflation is back to target” 

Data released by the Office for National Statistics (ONS) showed that for the first time in almost three years, the Consumer Prices Index (CPI) rate of inflation had returned to the 2% target in the 12 months to May, down from 2.3% in the 12 months to April. 

ONS cited food as the largest downward contributor, with motor fuels the largest upward contributor. Food prices eased for the fourteenth consecutive month, increasing by 1.7% in the year to May, down from 2.9% in the year to April, from a high in March last year of 19.2%, the highest annual rate for over 45 years. 

With the economy a key element of the election for voters, the Prime Minister hailed inflation falling back to target as “very good news… the last few years have been tough on everybody. I know that… taking the action wasn’t always easy, but we’ve got there and inflation is back to target.” 

Meanwhile, although Shadow Chancellor Rachel Reeves welcomed the fall in inflation, she added that the cost-of-living crisis is not over, “While inflation is down, of course, those higher prices still remain… Whether that’s the cost of the weekly food shop, the cost of the energy bills, or indeed people who are looking to re-mortgage this year or have seen their rents increase.” 

MPC vote to retain Bank Rate 

Last week, the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) voted to retain Bank Rate at 5.25% for the seventh consecutive time, as widely expected. The MPC voted by a majority of 7-2 to maintain Bank Rate, with two committee members favouring reducing the rate by 0.25 percentage points to 5%.  

Economists had largely speculated that an interest rate reduction in the middle of an election campaign would be unlikely, although, the BoE said that had no bearing on their decision, ‘The committee noted that the timing of the General Election on 4 July was not relevant to its decision at this meeting, which would as usual be made on the basis of what was judged necessary to achieve the 2% inflation target sustainably in the medium term.’  

The MPC minutes reiterated that monetary policy will need to remain restrictive for ‘sufficiently long’ to return inflation to target sustainably in the medium term, ‘until the risk of inflation becoming embedded above the 2% target dissipates.’  BoE Governor Andrew Bailey commented, “It’s good news that inflation has returned to our 2% target. We need to be sure that inflation will stay low and that’s why we’ve decided to hold rates at 5.25% for now.” 

In its latest forecast, the Bank was positive on the prospects for the UK economy, estimating economic growth of 0.5% for Q1 2024, with a similar pace expected in Q2. Looking ahead, the next MPC meeting will conclude on 1 August. 

Election news 

Last week, Reform UK published its manifesto entitled ‘Our Contract with You.’ At the launch, Nigel Farage declared this “the immigration election,” with Reform UK’s policy document outlining a number of key pledges, including a freeze on “non-essential” immigration, leaving the European Convention on Human Rights within 100 days, raising employers’ National Insurance (NI) rates for foreign workers to 20% and scrapping net zero targets. Tax related pledges included reducing the main Corporation Tax rate to 15% in three years and abolishing business rates for small and medium-sized businesses (SMEs), to be paid for by encouraging benefit claimants back to work.  

Scottish National Party (SNP) leader John Swinney launched his party’s manifesto in Edinburgh last week, saying if the SNP won a majority of seats in the Scottish Government, they would commence “immediate negotiations” on Scottish independence talks. The NHS was a prime focus for the party, who outlined a Bill to keep the NHS in public hands, boost NHS England funding by £16bn, and to provide an extra £1.6bn each year to Scotland’s NHS. 

Ipsos published its first MRP (multi-level regression and post stratification) model of the 2024 General Election, predicting Labour could win 453 seats and the Conservatives 115, giving Labour a majority of 256. However, it believes 117 seats are still ‘too close to call.’  

Here to help 

Financial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have. 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. 

All details are correct at time of writing (26 June 2024) 

The real value of a survey

Nobody wants to pay too much for their home. During the home buying process, there are many causes of stress. Making sure you don’t overpay doesn’t need to be one. That’s because getting the right survey can give you peace of mind that you are paying a fair price. 

What is a survey? 

A survey is a detailed report which helps make potential buyers aware of any present issues or problems which may occur in the future. 

This can help with budgeting for any works required and help you renegotiate if there are any major concerns. Remember: a survey is not a valuation; it is a tool to help homebuyers make informed decisions. 

Surveys crucial in turbulent times 

House prices have been unpredictable in the last year. In times of economic uncertainty, surveys become even more important. When house prices have fallen, a survey can help clarify what represents real value. 

Value means something different to different people. For example, over two fifths would pay more for a property with a high EPC rating, research reveals1. This shows that getting the price right is 

personal. A survey is designed to help you do just that. 

More than simply one more cost  

Buying a home can feel like an accumulation of costs – a survey can feel like one more among many. That’s why it is important to factor in the survey as early in the buying process as possible. 

1Uswitch, 2023 

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments

Residential Property Review – June 2024 

Housing market update 

The UK housing market continues to show modest signs of recovery, according to the latest data from Savills.  

Despite some house price growth, a significant upturn is considered unlikely until mortgage affordability improves.  

Buyer activity continues to improve, as the number of sales agreed in May was 10% higher than the 2017-2019 average, according to TwentyCI.  

The rental market remains relatively consistent. Data from Zoopla shows that, in April, annual UK rental growth was 6.6% – slightly lower than the 6.7% recorded in the previous month. The region with the strongest annual growth was the North East (9.5%), followed by Scotland (9.3%). Rental growth is accelerating in locations close to large cities, such as North Tyneside and Midlothian – more evidence that the pandemic’s ‘race for space’ appears to be in reverse.   

New homes in the capital – demand outstrips supply 

Demand for new builds in the capital is increasing, but supply is limited, attributable to high development costs.  

Knight Frank data indicates that confidence is picking up amongst London buyers, as the number of offers placed on new homes in April increased by 9% year-on-year, while viewings rose by 17%. Similarly, the number of prospective buyers who registered interest in purchasing a new build was 15 to 20% higher than the previous year for mid-to-upper markets.  

Despite this growing demand, the cost of building in the capital has put off some developers. As a result, new starts fell by 20% over a 12-month period and there are currently about 35,000 new homes being delivered per year – over 30% lower than the Mayor of London’s target of 52,500.  

How will the General Election affect the housing market?  

Ahead of the 2024 General Election, new homes are the unanimous focus of the manifestos when it comes to housing.  

If the Conservatives remain in government, Rishi Sunak aims to build 1.6 million new homes over the next five years – slightly more than the Labour Party’s target of 1.5 million and less than the Liberal Democrat’s promise of 380,000 new builds per year. Ed Davey stated that 150,000 of these will be social housing; Keir Starmer would also prioritise building new social rented homes. 

The Labour, Liberal Democrat and the Conservative manifestos all pledge to fully abolish Section 21 ‘no fault’ evictions. Davey also pledged to create a national register of licensed landlords and make three-year tenancies the default.  

If the Labour Party comes to power, they propose to increase the rate of Stamp Duty for non-UK residents. Meanwhile, the Conservatives would abolish Stamp Duty for first-time buyers (FTBs) on homes up to £425,000. To further support FTBs, Sunak promised a new and improved Help-to-Buy scheme. Similarly, the Labour manifesto pledged a permanent mortgage guarantee scheme. 

All details are correct at the time of writing (19 June 2024) 

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.